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10 Record Keeping Every business must keep written records Good records help avoid costly errors Tell if you are making a profit Provide accurate tax information Give you the information you need to see if and where improvement can be made

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11 Checklist for Good Records Open a business account Pay all bills by check Use petty cash sparingly Record all sales and payments

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14 Detailed depreciation schedules retained until items are fully depreciated or at least 5 years, whichever is longer Copies of paid bills for goods and services retain at least 5 years Records Retention

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15 Payroll Records Retention The following payroll records should be retained for at least 3 years in the event of a withholding audit: Copies of W-2 forms Monthly payroll records showing the actual Missouri withholding Copies of the MO941 reports